Luna Classic unable to restore mid-tier Bollinger Band as community refuses a key stablecoin proposal.
Terra Luna Classic’s (LUNC) community just downvoted the proposal #12192. This governance proposal is focused on USTD, a full-fledged decentralized & automated yield-bearing stablecoin on LUNC’s blockchain.
LUNC Community Throws Away Stablecoin Proposal
The downtrodden Layer-1’s native crypto community has been looking into ways to restore the original stablecoin USTC’s peg to $1, but it continues to trade at pennies on the dollar. Some chain validators, like Garuda Universe, had abstained from voting on the new stablecoin, while the vast majority said no.
Right after this rejection, the related altcoin Luna Classic (LUNC) slumped by 10.3% to bump into a long-unseen fundamental support level at $0.00005377. On June 23, 2025, this helped this game-tested alternative crypto currency to reach $0.00007000, but the level didn’t hold long due to multiple factors.
Stale Trading Volumes Keep Luna Classic’s Price Down
Firstly, OKX, one of the world’s leading exchanges by market cap, moved to delist LUNC/USDT, LUNC/USD & USTC/USDT trading pairs on their Spot services three weeks ago. A week after that, the popular exchange also decided to remove USTC/USDT & LUNC/USDT contracts on perpetual markets.
Notably, this has served a staggering hit on Terra Luna Classic’s (LUNC) already sluggish trading volume. While not reaching above $100 million on average on a daily basis, today’s LUNC trading volumes have barely exceeded $11 million, hinting at further downturns. Another concerning factor is the altcoin’s inability to reclaim the middle-tier blue Bollinger Band (BOLL).
Meanwhile, the discussed OKX delisting & other exchanges unwilling to relist the token can put bigger obstacles for a long-term rebound, even though the community-owned L1 blockchain now has a revamped representative website that has all the decentralized applications (dApps) & Web3 games listed in one place.
With this being a part of the original chain functionality restoration process, the remaining community members see LUNC as a long-term investment vehicle, evident in the over 15% staking ratio. Regardless, the battle-scarred chain’s native crypto will have a hard time storming back into the TOP 100 by market cap if no fresh utility cases surface.
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